Cryptocurrency: El Salvador announces purchase of additional 150 bitcoins

El Salvador recently became the first country to adopt cryptocurrency, and it is not slowing down with its push to accept the digital currency. In fact, after previously buying 400 bitcoins that are worth $21 million, recent reports stated the country’s president bought an additional 150 decentralized digital currency.

According to Reuters, with its new purchase, the total number of El Salvador’s Bitcoins rose to 700. President Nayib Bukele once again took to social media to let everyone know about his move concerning bitcoins.

“We just bought the dip. 150 new coins! he tweeted on Sept. 20. “El Salvador now holds 700 coins. They can never beat you if you buy the dips. Presidential advice.”

Based on the reports, El Salvador bought another 150 bitcoins just last weekend, and it cost around $6.7 million at current exchange rates. It was said that the country used a bitcoin price crash as a chance to add to its crypto holdings. The president made the announcement not long after the price of bitcoin plunged from $48,000 to below $46,000.

At any rate, the country has been rolling out 200 bitcoin ATMs and putting up stylish, Chivo-brand kiosks. Staff was also deployed to introduce bitcoin to consumers and they were strategically stationed in plazas across the nation.

However, despite the efforts, the adoption of bitcoin remained difficult. It was not smooth sailing and people even went out to the streets to protest against the adoption of cryptocurrency as legal tender. The demonstrators were also reported to have vandalized some newly installed bitcoin ATMs.

“El Salvador’s news on its bitcoin launch as legal tender in the country had the nation divided,” co-founder of First Digital Trust, a Hong Kong-based custodian, Gunnar Jaerv, told The Independent. “There will always be pros and cons to adopting new things that would essentially change people’s lifestyles with uncertainty for those who may not understand it.”

Then again, Jaerv added that people might start accepting bitcoins once they realize and see the opportunities it can offer to them. For instance, once they learn that crypto in the country could actually slash remittance fees, their perception of bitcoin adoption may change.